Apple iPhone 5 Preorders Suggest Strong Demand

SAN FRANCISCO—Apple Inc. appeared to have sold out of its initial inventory of the iPhone 5 just an hour after it began accepting preorders Friday, suggesting strong consumer interest.

The Cupertino, Calif., company's website began accepting preorders shortly after midnight Pacific time. Within an hour, however, the company's website indicated that shipping times had slipped from an expected delivery on the device's launch date,...